Shopify Inc SHOP shares were climbing on Wednesday after the company reported upbeat third-quarter earnings.

The company reported its results amid an exciting earnings season. Here are some key analyst takeaways.

JPMorgan On Shopify

Analyst Reginald Smith reiterated an Overweight rating while raising the price target from $76 to $121.

Shopify delivered a "big FCF margin beat," Smith said. Free cash flows of $421 million coming in higher than consensus of $340 million and FCF margin of 19.5% coming in around 350 basis points higher than guidance, he added.

"Key volume trends accelerated sequentially, despite tougher compares and a broader slowdown in e-comm spend," the analyst wrote. Total revenues grew 26% year-on-year, versus consensus of 23%, "driven by the fastest GMV (gross merchandise value) growth in nearly three years," he added.

"We note September was Shopify's largest month of B2B volume ever," Smith said.

Check out other analyst stock ratings.

Goldman Sachs On Shopify

Analyst Gabriela Borges maintained a Buy rating while lifting the price target from $88 to $135.

Shopify's GMV reflects that its share has gained momentum within both the U.S. e-commerce channel and the less mature channels, such as POS and international, Borges said. "Shopify is posting sustained and elevated growth in both Core and Plus MRR independent of pricing changes and a one-time benefit in the second quarter," she added.

Shopify onboarded 16 new enterprise merchants in the third quarter, the analyst stated. "Enterprise is expected to be a more meaningful growth driver in 2025," she further wrote.

SHOP Price Action: Shares of Shopify had jumped 3.20% to $112.40 at the time of publication on Wednesday.

Read More:
• Shopify Q3 Earnings: Ninth Consecutive Quarter of Revenue Beats, GMV Up 24%, Positive Outlook And More

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